Good morning everyone. Nice trades, Jamos and honestknave! I did end up taking the USD/JPY short I was posting about yesterday. TP was the .618 of the ABCD; it was hit overnight. {image}
Ratios & Harmonics: a Different Way to Trade
- #12,561
- Jan 30, 2015 7:08am Jan 30, 2015 7:08am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
- #12,563
- Jan 30, 2015 7:19am Jan 30, 2015 7:19am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
My first trade of the day gave me some green pips
Goodafternoon everybody, Just one trade for me today. Had enough for today so will stop trading. I wish everybody a happy weekend!! {image}
Hi guys, new here! I have drawn some lines too.. What do you guys think? {image}
Thanks for posting. That will certainly be an interesting area to watch if price makes it back there cleanly. The problem at the moment (in the big scheme of things) is the instability caused by recent fundamentals. It is making it hard - at least for me! - to accurately gauge market sentiment beyond the next few swings.
- #12,568
- Jan 30, 2015 9:22am Jan 30, 2015 9:22am
Trade 2 & 3 for the day.
Trade 2
This was a short on the EURUSD, price had made a NSL and then corrected to the golden zone so I was looking for an ABCD. I managed aggressively as I always seem to do as I don't want to give much back to the markets, proving to lose a few pips by doing this!!
Entry was at 1.1327 and price went to 1.1301 before coming back up, by which time I had moved my SL to BE+2, which was taken out to the pip and then price went back down, typical!! Price went down again and if I was still in the trade would have TP at the RN where it had hit before and could have made another 25 pips.
Again a green pips trade, just, so cannot be too down about it. Made a good call with my entry and again need to manage my exit better.
Trade 3
Another trade on the cable with price continuing its downward momentum. Price had picked up momentum from the last swing and I was expecting a shallow correction (38.2-50%) and then a move down, so I entered after it corrected and touched the 38.2. Price went down and I moved the SL to BE+2 and then as price dropped further I looked for 127% extension as a TP but price started correcting. I ended up taking 10 pips on this trade as it is getting late afternoon in the UK and it is Friday so I expect things to slow a little from now, so was happy with 10 pips and an end to the week.
So finished +27 pips on the day, another good day.
I seemed to get better as the week progressed. Not sure if this is because I lose my eye on the charts over the weekend or not. I will see how next week goes and if the same then I might start the week by watching Mr Pips latest video to get me back in the game!!
Have a great weekend everyone.
Trade 2
This was a short on the EURUSD, price had made a NSL and then corrected to the golden zone so I was looking for an ABCD. I managed aggressively as I always seem to do as I don't want to give much back to the markets, proving to lose a few pips by doing this!!
Entry was at 1.1327 and price went to 1.1301 before coming back up, by which time I had moved my SL to BE+2, which was taken out to the pip and then price went back down, typical!! Price went down again and if I was still in the trade would have TP at the RN where it had hit before and could have made another 25 pips.
Again a green pips trade, just, so cannot be too down about it. Made a good call with my entry and again need to manage my exit better.
Trade 3
Another trade on the cable with price continuing its downward momentum. Price had picked up momentum from the last swing and I was expecting a shallow correction (38.2-50%) and then a move down, so I entered after it corrected and touched the 38.2. Price went down and I moved the SL to BE+2 and then as price dropped further I looked for 127% extension as a TP but price started correcting. I ended up taking 10 pips on this trade as it is getting late afternoon in the UK and it is Friday so I expect things to slow a little from now, so was happy with 10 pips and an end to the week.
So finished +27 pips on the day, another good day.
I seemed to get better as the week progressed. Not sure if this is because I lose my eye on the charts over the weekend or not. I will see how next week goes and if the same then I might start the week by watching Mr Pips latest video to get me back in the game!!
Have a great weekend everyone.
- #12,573
- Jan 30, 2015 12:16pm Jan 30, 2015 12:16pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
Good afternoon Traders, Today I personally found it difficult to locate proper set-ups (perhaps because I'm still learning...still not half-way through this thread). With that being said here is my trade for the day....Bullish butterfly GBPJPY M5 chart. I'm including two screen captures a before and after if you will. Trade hit target to 61 Fib of CD Leg for a profit of 26.5 pips. As always I welcome all feedback and comments. Respectfully and with thanks, Mikali {image} {image}
For many people, it isn't about the number of trading opportunities but the quality of them (coupled with good money management).
If you can consistently make 26.5 pips a day for your trading career, I think you'll be a happy trader!
I've added a few extra things that I think of when I see your chart - I hope you don't mind.
Regarding TP... a Lower High is a sensible expectation, so your exit was good to my mind.
What a great way to end the week
- #12,575
- Feb 1, 2015 7:21am Feb 1, 2015 7:21am
- Joined Aug 2011 | Status: Trader | 4,956 Posts
I have being running a trading simulator while catching up on the thread over the weekend. So much information, over 100 pages and still going, fantastic. I have traded 36 trades and though the account is down it isn't as important as taking the trades and understanding why they perhaps fail or succeed. 36 doesn't sound like many but there has been a lot of analysis. I have made a couple of losing trades that were outright mistakes, 1 that I didn't B.E. which I should have but also others that I just shook my head slowly as they went into profit from the tops to bottom (or inverse) and hit green pips.
Mr pip has done a fantastic job on this thread and just wanted to let him know that. These pages are like specks of gold and if patience is taken I'm sure that we can all produce a nugget or two of our own. Also really appreciate those that have shared and asked questions, some that have been my own until being answered. I still have a long way to go but I feel that the time spent learning what Mr Pip has to offer could be a good investment.
Mr pip has done a fantastic job on this thread and just wanted to let him know that. These pages are like specks of gold and if patience is taken I'm sure that we can all produce a nugget or two of our own. Also really appreciate those that have shared and asked questions, some that have been my own until being answered. I still have a long way to go but I feel that the time spent learning what Mr Pip has to offer could be a good investment.
As the lights go by so too do the shadows move
I completely agree, Matt.
Okay, so I am looking at the AUD/USD hourly chart. I see the completion of a one to one, marked in black lines on my chart. I realize that one could argue the A point should be higher, but this is such a defined and harmonic looking structure that I felt it was valid to draw it from the swing high that I did.
At any rate, we are at low point with no obvious next nearby support in sight, and price seems to be consolidating. I am thinking about a long because price is eventually going to be looking to go somewhere, there is the completion of the ABCD, and as far as targets go-- the confluence of the .50 of the CD leg with the .382 of the entire pattern and a little bit of structure seems like an obvious place for price to climb in search of resistance. This would give a decent R/R. I have not entered because of the overall bearish looking orderflow and the momentum of the CD leg, but I am practicing reading the chart and forming an expectation and watching how it plays out. I would also be interested in any thoughts/critique of my reasoning process here. Would any of you take this trade to the long side? Why or why not?
In the zone where price is currently consolidating it seems that lower highs as well as higher lows are being made. Do these cancel eachother out as signals?
Attachment
Okay, so I am looking at the AUD/USD hourly chart. I see the completion of a one to one, marked in black lines on my chart. I realize that one could argue the A point should be higher, but this is such a defined and harmonic looking structure that I felt it was valid to draw it from the swing high that I did.
At any rate, we are at low point with no obvious next nearby support in sight, and price seems to be consolidating. I am thinking about a long because price is eventually going to be looking to go somewhere, there is the completion of the ABCD, and as far as targets go-- the confluence of the .50 of the CD leg with the .382 of the entire pattern and a little bit of structure seems like an obvious place for price to climb in search of resistance. This would give a decent R/R. I have not entered because of the overall bearish looking orderflow and the momentum of the CD leg, but I am practicing reading the chart and forming an expectation and watching how it plays out. I would also be interested in any thoughts/critique of my reasoning process here. Would any of you take this trade to the long side? Why or why not?
In the zone where price is currently consolidating it seems that lower highs as well as higher lows are being made. Do these cancel eachother out as signals?
Attachment
- #12,577
- Feb 1, 2015 6:46pm Feb 1, 2015 6:46pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
I completely agree, Matt.
As the lights go by so too do the shadows move
- #12,579
- Feb 1, 2015 8:12pm Feb 1, 2015 8:12pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move